Money Life With Chuck Jaffe Daily Podcast

Jack Ablin, chief investment officer at Cresset Capital Management, says that the "hurricane" of bad economic numbers investors expected in 2023 could be a "gale force wind" in 2024, which is "something we can adjust to," which should help keep an economic downturn to a modest amount of time. Still, Ablin says that the technology sector is trading at 47 percent premium on a relative forward P/E basis to the rest of the Standard and Poor's 500, and history suggests that condition will lead to mediocre performance over the next 12 months. In The NAVigator segment, Eric Purington of the Aberdeen Global Infrastructure Income Fund, says mega-mergers involving oil giants Exxon and Chevron have implications for middle-market and midstream energy companies and infrastructure companies, because they show that larger energy companies are poised to make big investments in smaller firms, and the deals  have opened the door to other mergers at all levels of the industry. Plus, in the Market Call, Dan Ives of the Wedbush E

Jose Torres, senior economist at Interactive Brokers, says that America remains the best country in the world to do business in, which is going to maintain "a basement" that the economy will not slip past when it loses some steam early next year. "The consumer has assets and has jobs, and those two things will keep the economy doing all right," he says in The Big Interview. Tom Lydon, vice chairman at VettaFi, pursues really big dividends with his pick for the ETF of the Week.  Claire Martin Tellis discusses a Preply.com survey showing that higher salaries don't always lead to the best job satisfaction, but lower salaries do tend to involve work that's boring. Plus, in the Market Call, Derek Izuel, chief investment officer at Shelton Capital Management, talks stocks.

Fritz Folts, chief investment strategist at 3EDGE Asset Management, says the domestic stock market "Has to go down a lot more from here to be considered at fair value," which is why he has more money working in international stocks, particularly in Japan, where markets are more fairly valued and central bankers have not had to tighten up monetary policy the way the Federal Reserve has had to in the U.S. He gives his most optimistic, pessimistic and realistic look-aheads to 2024. Ron Lieber, money columnist at The New York Times, goes off the news on his recent story about banks suddenly and unexpectedly closing down some consumer accounts without warning, leaving surprised customers at a loss and struggling to pay bills, make payrolls and more. In the Market Call, Chris Retzler of the Needham Small-Cap Growth fund discusses the struggles that smaller companies have had in a market dominated by a  few big names.

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that the economic downturn everyone saw as happening this year wound up being postponed for solid economic reasons, but it hasn't been canceled and more likely just pushed back into 2024. Luschini says investors should be defensive, taking advantage of higher bond yields and not being sucked into low valuations on international investments, staying balanced but not too aggressive until the economy and market are on more solid ground. His forecast for a 2024 recession is in keeping with that of D.R. Barton Jr., chief investment strategist at Finiac, who says the market's technicals suggest that Santa Claus will be bringing a rally to town before the year ends, but that the New Year is likely to bring a recession that may be harder than most people expect after so much back and forth this year. Plus, in the Market Call, Eric Schoenstein of Jensen Investment Management talks about using quality as a factor in selecting growth stocks.

Frank Holmes, chief executive at U.S. Global Investors, says he believes interest rates have peaked, and that the economy will turn around in six months as rates start to fall, but he also believes there is plenty to carry the stock market in the short-term with the Santa Claus rally propping things up by year's end as gas prices start falling, with rate cuts also coming then to help boost the economy and the recovery. Also on the show, David Trainer, president of New Constructs revisits some "zombie stocks" that are less dangerous than in the past, but where their "good news" is not much cause for celebration. Plus Nancy Tengler, chief investment officer at Laffer Tengler Investments, talks stocks in the Market Call, and Chuck discusses the Weird Financial News.

Bryce Doty, senior portfolio manager at Sit Investment Associates, says he believes the Federal Reserve has finished hiking rates, even though it hasn't announced it. He looks at the clues in chairman Jerome Powell's remarks, and notes that this inflection point has bond yields at a great spot, noting "I can't remember a time when the real yield was as attractive as it is now." He's not the only one seeing opportunity in bonds, as Willie Delwiche of HiMount Research talks technicals and sees headwinds ahead for the stock market late in the year due to economic pressures that he expects to hit home early in 2024, but noting that bonds are poised for a long-term rally if/when interest rates start dropping. Also on the show, Steven Perry of XA Investments discusses the growth in non-listed closed-end funds and how they offer all investors -- including those without a lot of money -- the chance to get into asset classes that previously were reserved for the super wealthy and the big institutions and, in the Marke

BJ Webster, chief investment officer at Alera Group Wealth Management, says he does not expect the economy to have a hard landing, and while there will be discomfort, investors will survive a downturn and will see slower growth that brings down interest rates, which in turn will help to give a boost to any subsequent recovery. Webster notes that if the Federal Reserve is done hiking rates while other central banks are continuing to raise interest rates, international markets might benefit from the resulting weaker dollar, as well as current valuations that are better than on domestic stocks. Also on the show, Tom Lydon of VettaFi looks at a young high-yield fund for his ETF of the Week, Chuck puts a bow on his annual Halloween cash-or-candy, trade-or-treat fun, and Sam Burns of Mill Street Research talks stocks in the Money Life Market Call.

Peter Crane, president of Crane Data -- which publishes the Money Fund Intelligence newsletter tracking the performance of money market mutual funds -- says that high interest rates should have investors thinking about where to park and protect their cash, and to treat their cash holdings as an asset rather than an after-thought in the investment plan. He also discusses the likely path of money fund rates based on the Fed's moves. In The Book Interview, Victor Haghani, co-author of "The Missing Billionaires: A Guide to Better Financial Decisions," discusses how bad financial choices have wiped out countless family fortunes that would have grown massive had they just been managed smartly. In the Market Call, George Villere, co-manager of Villere Equity and Villere Balanced funds, talks small- and mid-cap investing.

Tom Samuelson, chief investment officer at Vineyard Global Advisors, says that the market is showing signs of breakdown, and while you can still find one or two indicators that are positive, the bearish signs are out and suggesting that there's a downturn coming, though he thinks the decline will stop short of being a "hard landing." Also on the show, Roraj Pradhananga, director of research at Veris Wealth Partners, a sustainable investment firm, talks about how current global conflicts are impacting markets, notably the energy sector, and how that is impacting the sustainable, renewable energy companies versus the fossil-fuel companies. Plus, Lester Jones discusses the results of the Business Conditions survey released Monday by the National Association for Business Economics, and Chuck answers a listener's question about how to bring money lessons to Halloween for a family that doesn't get trick-or-treating traffic so that they can't replicate Chuck's "cash or candy" holiday celebration.

Brij Khurana, fixed income portfolio manager at Wellington Management, says he expects the Federal Reserve to pause in its rate hiking cycle at its meeting this week, though that doesn't mean there won't be another rate increase at the next meeting if conditions warrant it. And under current conditions, Khurana says he is frequently asked why to go with bonds when cash can generate nice returns in bank certificates of deposit, to which he notes that bond prices are cheap right now, making this an ideal time to consider lengthening maturities as the Fed is looking at moving to the next phase of the rate cycle. Also on the show, Greg McBride talks about the latest BankRate.com study showing that Americans know they need to save more for emergencies, but are actually saving less, particularly when inflation is factored in, Kyle Guske, investment analyst at New Constructs, puts a mutual fund whose manager has been a guest on the show many times, into "The Danger Zone," noting that it has a high preponderance of d

Adam Hetts, global head of multi-asset at Janus Henderson Investors, says the economy is somewhere between a soft and hard landing, but that anyone expecting a mild recession should watch for it to last about nine months, but with the market bottoming out typically a few months before the recession ends, investors will want to stay the course through the bear market trough, rather than moving into cash to get the high current yields and play defense. With lower expected stock returns and improved bond returns, Hetts says riding out a balanced portfolio should provide both safety and growth potential. Also on the show, Cheryl Pate of the Angel Oak Financial Strategies Income Term Trust says the banking industry's wild ride since the failure of Silicon Valley Bank in March has created a strong opportunity for bank debt to outperform moving forward, Natalie Trevithick of Payden and Rygel discusses the investment-grade corporate bond market ad when investors will want to start pursuing longer-duration bonds, and

Larry Adam, chief investment officer at Raymond James, says he expects a recession at the start of next year, but he's not nervous about it because much of the damage is already priced in and the downturn is likely to last six months, rather than the 10 months of an average recession. Moreover, with the stock market typically bottoming four to six months before a recession ends, Adam says investors may want to be buying in while the downturn is in mid-swing. Adam currently favors technology, energy, health care and financials. Tom Lydon, vice chairman at VettaFi, brings back a long-running fund powerhouse as his ETF of the Week, Chuck answers a listener's question about inflation-protected savings bonds -- with the new I-bond inflation rate having just been announced --  and absolute-value manager Brian Frank of the Frank Value Fund talks stocks in the Market Call.

David Goerz, chief executive officer at Strategic Frontier Management, says it seems "like we're muddling along at zero and sometimes we're in recession and sometimes we're not." It feels like a recession, he notes -- and it has had almost all of the key statistics at various times -- but without the unemployment issue or any big stock market correction. Goerz expects lower growth for the market moving forward, and urges safety and defense in building portfolios now. Also on the show, Tracey Spivey of the business tax services group at KPMG discusses how investors who have benefited from higher interest rates and leaned into the better yields available from fixed income investments are setting themselves up for an unpleasant tax surprise  next year; plus Daniel Dusina, director of investments at Blue Chip Partners, talks brand-name companies in the Market Call.

Money Life wraps up the 20 interviews of FinCon. A gathering of financial content creators and fin-tech entrepreneurs held in New Orleans last week - with Benjamin Nadelstein of Monetary Metals talking about how to generate yield on your gold holdings, Logan Smyth of the TRADR Market Analytics app on technical analysis, Kalilah Reynolds discussing the ups and downs of the Jamaican Stock Market, Jenni Sisson on how inflation is hitting the foot soldiers of the home front, and Joe Saul-Sehy of the Stacking Benjamins on the good and bad of financial content creation in today's tough economic environment.

It's the third day of interviews taped at FinCon in New Orleans -- an annual gathering of financial content creators -- and one big focus of the conversations is inflation. That will be a big part of conversations today, when the interviews start with Jen Smith of the Frugal Friends podcast, moving into a chat with Scott Carson from The Note Closers Show and -- after a break to talk personal finance with David Zaegel from the Retire With Confidence podcast --  inflation is a big part of the talk with John Blizzard, head of CDValet.com, a site that helps consumers with certificates of deposit. The show concludes with conversations with Clifton Corbin, a financial educator and author of "Your Kids, Their Money," and Paula Pant of the Afford Anything podcast, who discusses why so many Americans are upset over inflation and financial conditions at a time when they actually have it pretty good.

It's Day Two of Money Life at FinCon, and Chuck again explores the rich tapestry of the financial world talking about the business of podcasting with Virginia Elder of Podcast Abundance, improving the financial awareness and habits in the Hispanic culture with financial educator Dario Martinez of Sal de la Olla, stock investing with CPA Mark Roussin -- the "Dividend Seeker" on YouTube -- the financial difficulties and differences of America's service men and women with Lacey Langford of the Military Money Show, and the ways that taxes can impact and delay retirement with "FITaxGuy" Sean Mullaney. Plus, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance reviews a rough third quarter in closed-end funds in The NAVigator.

Money Life goes to the Fin Con Expo this week, with Chuck in New Orleans at the annual gathering of financial content creators, which is a mix of bloggers, podcasters, freelance writers, fin tech companies and forward-thinking financial minds, and you will hear from Preston Yadegar of Shareholder Vote Exchange (a company helping investors sell the votes on their shares), David Edey of the Executor Help podcast, Anthony Rushing of First Loan HELOC (which is working to help investors use credit lines to replace mortgages to save on home ownership and interest costs), and fraud expert Kathy Stokes of AARP. Plus, every Thursday starts with the ETF of the Week, and Tom Lydon of VettaFi does something he has not done in the history of Money Life, namely pick a fund that is NOT an ETF, though it has aspirations -- and hopes -- of being one someday.

For years, Chuck has offered the kids in his neighborhood a chance to pick cash or candy, to decide between a trade or a treat. Every Halloween, however, Chuck tweaks the game, making a few subtle changes to keep things interesting for him and the kids. This year, he is changing something he never expected to change, ever, and he talks about how Halloween will work at his house -- and maybe yours if you follow suit -- come Oct. 31. Plus, Andrew Krei, co-chief investment officer at Crescent Grove Advisors, talks about how the higher-for-longer rate environment -- coupled with the narrow stock market -- has given investors an opportunity to reposition and rebalance portfolios to play defense while being compensated with better yields, but he does warn that there may be more maneuvering to do once rates start to fall again. Matt Schulz, chief credit analyst at LendingTree discusses record credit-card rates and the alarming number of lenders now issuing cards with a 29.99 percent rate or higher. In the Market Ca

John Kosar, chief market strategist at Asbury Research, says the stock market hit a key support level at the beginning of October, which typically has been triggering market rebounds. As a result, he sees current conditions as a "low-risk, high opportunity" place to put money to work in the market now. Mary Ryan, senior wealth advisor at The Vanguard Group, discusses the firm's research showing that investors who have the option of contributing to a health-savings account can goose their long-term investment returns by prioritizing the HSA, rather than thinking of it solely as a savings account to pay for medical costs. She suggests that savers turn to HSAs higher in their priority list for savings, just behind getting the free money of an employer's matching monies, but ahead of additional retirement-plan contributions and Roth IRAs. Plus, Allison Hadley covers a survey by AllStarHome.com on the financial impacts of living at home or in their hometown, and Gerry Frigon of Taylor Frigon Capital Management ta

Craig Callahan, founder and chief executive officer at ICON Advisers and the ICON Funds, says that he's not seeing the overpricing you'd expect at a market peak or the bargains visible in typical market bottoms, so he expects the market to "drift higher" over the next six to nine months. But those gains will be led by different stocks and sectors than what drove the market to gains earlier this year. Callahan says the market has turned since May 31, with energy leading, and economically sensitive areas like financials have been strong too; "that really narrow market that we didn't think made sense, it ended May 31st" he said. "We're in a new market now." Also on the show, Kyle Guske, investment analyst at New Constructs revisits a stock that has been in the Danger Zone for years, but that has rebounded well this year to set up the next round of troubles, John Cabble of J.D. Power discusses the firm's latest look into payment patterns and looks at the deteriorating credit situation for most Americans, and Bob